DENVER — Rents for metro Denver apartments reached an all-time high, while the vacancy rate stood at historic lows, according to the Q2 Metro Denver Vacancy & Rent Report.
> Video above: Navigating the red-hot housing market in Colorado
Report authors called the Q2 results “extraordinary.”
“There was a spike in rent along with a decrease in vacancy,” according to the report. “This is becoming a common result for other areas of the country as we emerged from COVID-19 restrictions. Although common to have seasonal rent increases for the second quarter, the current results are extraordinary.”
The report, which gathers data from almost 130,000 apartments across six metro Denver counties, showed the average apartment rent stood at $1,651, a 6.5% hike from Q1 and 9% increase year-over-year. That $108 increase in average rent is “the largest quarterly dollar change ever recorded by this survey.” The prior quarterly increase high was $64 between Q1 and Q2 of 2018. In less than 10 years, average metro Denver rents have more than doubled, as $800 was the average in Q2 2002.
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